WGU C211 Pre- Assessment Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (Latest 2023/ 2024) Graded A
WGU C211 Pre- Assessment Global
Economics for Managers Exam | Questions
and Verified Answers| 100% Correct (Latest
2023/ 2024) Graded A
Q: A farmer sells wheat in a perfectly competitive market. Which action should the farmer take
to maximize profits?
Answer:
Produce the quantity where the price equals the farmer’s marginal cost
Q: What is the economic profit of a competitive firm?
Answer:
The difference between total revenue and total cost
Q: Which condition applies when a competitive firm decides to temporarily shut down?
Answer:
Fixed costs are above variable costs
Q: What is the producer’s demand curve if the producer sells a differentiated product?
Answer:
Downward sloping
Q: Which statement describes a competitive firm’s demand curve?
Answer:
It is more elastic than a monopoly’s demand curve
Q: What is the point at which a monopoly maximizes profit?
Answer:
Where marginal cost equals marginal revenue
Q: What is a characteristic of monopolistic competition?
Answer:
Many firms and differentiated products
Q: What is a likely outcome of the standard prisoner’s dilemma game?
Answer:
Both prisoners confess
Q: How does the prisoner’s dilemma help in understanding company behavior in an oligopoly?
Answer:
Companies lack strategic thinking
Q: What do economists use to represent a consumer’s preferences?
Answer:
Indifferent curves
Q: What can be assumed that the consumer will buy if it is observes that the consumer’s budget
constraint has shifted inward?
Answer:
Fewer normal goods and more inferior goods
Q: What will happen to the market price and quantity in the short run if there is an increase in
market demand in a perfectly competitive market?
Answer:
The equilibrium price will remain unchanged, and the equilibrium quantity will increase
Q: What will happen to the output of a particular factory when there are negative externalities?
Answer:
The quantity produced by that factory will be greater than the optimal quantity
Q: What happens to demand quantity for normal goods as percentage change in income
increases?
Answer:
Demand increases
Q: What do the positive or negative numbers of cross-price elasticity of demand represent?
Answer:
Substitutes or complements
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